My husband is purchasing a 2nd home and using our first home equity line to generate the fund for this 2nd home purchase. I've been having my own credit card debts (total close to 40k) that he does not know.
The loan agent said that may use my name for the loan cuz they think that my credit score will be better than my husband's. I'm so freaking out now cuz I know my credit score is not great at all and I'm so so so nervous that my husband will know my total credit card debts.
Should I call the loan agent not to disclose my debts to my husband or he will automatically know that its my own info and will now tell my husband know (the loan agent will run my credit check and will see all my debts).
This 2nd home I will not have my name on it but my husband thinks it does not matter and my credit should be used if it helps get a loan.
What should I do now? Should I CALL the loan agent and inform him this or I just keep praying that my husband will not know? Pls advise. Thanks
2007-06-12 04:13:11 · 7 answers · asked by xpi11 1 in Business & Finance ➔ Personal Finance
I would just be upfront with your husband. Hiding things is not a good thing.
2007-06-12 04:16:16 · answer #1 · answered by oxygenO 6 · 0⤊ 0⤋
YIKES! You are $40,000 in the hole, have a mortgage, and now adding a second mortgage and a Home Equity Line? You already can't make your monthly payments (hence the $40k in credit card debt), so what on earth would make you think this is a good idea? And by the way, putting your name on the loan papers and NOT on the thing that the loan is for is a bad idea...it means you are legally responsible to pay the loan but you have no rights to the property (i.e. your credit gets worse if you can't pay the loan, and you wouldn't be able to sell the house to pay off hte loan)
You need to come clean about your debt and come up with a plan to get out of it. Only after all your debt is paid should you comit to purchasing aother home for income purposes.
2007-06-16 04:12:55 · answer #2 · answered by bankr 2 · 0⤊ 0⤋
The fact that your score may be low and your own debts high could actually be a protection for you. I have been in this same position. My husband buys, buys, buys. Nothing is ever put into my name either. That's because he buys without my knowledge on many things. It's like hiding a bottle until the payment book arrives and I am magically supposed to "work it in" to the budget.
Finally, just this year, he has been forced to slow this buying insanity as he wanted to use my credit to do more buying and I am tapped. It's in pretty good shape but not sufficient to allow more. Sometimes buying is an addiction. Shopping addictions don't stop at retail, they include vehicles and properties. I think you should tell him outright that you have all you can handle. That you cannot handle one more item on your credit especially when you won't have your name on it.
2007-06-12 04:28:07 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You can be in debt and have a good credit score. As lond as you make timely and consistant payments you can generate a good score. I think you should find out what yours is first and you might be surprised that it is higher than your husbands.
2007-06-12 04:18:19 · answer #4 · answered by Gameday 1 · 0⤊ 0⤋
I used to work at a finance company. The best advice is honesty. Tell him about the 40k before he finds out from the agent.
2007-06-12 04:17:15 · answer #5 · answered by Mr. Cadillac Jones 2 · 0⤊ 0⤋
You have a choice. Risk a small fight with your husband now or a big one later. He will find out, maybe not now, but eventually. Why is it that most women would admit being hot for the pool boy to their husband before talking with him about finances? Save your marriage: be honest.
2007-06-12 05:26:19 · answer #6 · answered by Ted 7 · 0⤊ 0⤋
If the loan is not in your name, your credit score should have no bearing on it.
2007-06-12 04:21:39 · answer #7 · answered by p h 6 · 0⤊ 0⤋